Resource Based View: (RBV)
Resource based view is simply a management device that helps to assess the available amount of a business’ strategic assets. It is created on the sense that a company must utilize its useful resources effectively and efficiently so that the company can assemble and sustain its competitive advantages. The starting point of RBV analysis is the internal environment of the organization. Thus, the resources and their compatibility is what make the company different from the others.
Internal Strategic Analysis:
Internal Strategic Analysis means identifying the internal strengths and weaknesses of an organization. It helps to determine its core competencies and limitations. There are various methods to look upon the internal analysis of an organization and they are as follows:
Resource based view is simply a management device that helps to assess the available amount of a business’ strategic assets. It is created on the sense that a company must utilize its useful resources effectively and efficiently so that the company can assemble and sustain its competitive advantages. The starting point of RBV analysis is the internal environment of the organization. Thus, the resources and their compatibility is what make the company different from the others.
RBV is a model that sees resources as key to superior firm performance.
If a resource exhibits VRIO attributes, the resource enables the firm to gain
and sustain competitive advantage. (strategicmanagementinsight.com)
Internal Strategic Analysis:
Internal Strategic Analysis means identifying the internal strengths and weaknesses of an organization. It helps to determine its core competencies and limitations. There are various methods to look upon the internal analysis of an organization and they are as follows:
- Resource-Based View
- SWOT Analysis
- Value Chain Analysis
- TOWS Analysis
- McKinsey 7s Model, etc.
Among these
various methods of internal analysis, I would prefer SWOT Analysis. It is a
useful process for understanding the Strengths and Weaknesses and for identifying
the Opportunities and Threats of your firm. Strength reflects the core
competencies of a firm whereas the weaknesses define its limitations. Likewise,
it helps to identify the opportunities in which company can perform with profit
and also the threats from which it should be aware of. Thus, SWOT
analysis is considered as one of the best internal analytical tool with both
strategic planning and decision making.
Reference:
About our group video so far:
Talking about our group video, we have divided the researches to be done among 5 of us. Everyone knows their part and are determined towards their part. We even shared the information that we gathered individually and gave feed backs to each other. The thing I am worried about is how to coordinate all the individual tasks and make it into a single project. I am also worried about the submission date that we are provided with. However, we have a very willing team and I am sure that we all are trying our best to make out video the best one.
Reference:
Strategic
Management insight Resource Based View [Online] available at http://www.strategicmanagementinsight.com/topics/resource-based-view.html
(accessed on 29th April)
[Online] Available at http://en.wikipedia.org/wiki/Resource-based_view (accessed on 29th April)
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